Below you will find the statistical breakdown and more for the Phoenix area Real Estate Market for March 2018.
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Snapshot of Phoenix’s Real Estate Market Statistics for March 2018
The number of new listings in Phoenix for March was 2657 up 17.1 % from February 2018. New contracts also increased by 13.5% to 2755. We saw 2255 home sales completed in March up 28.3% from February. Median sales price was $239,900 up 1.4% from February. There were 3515 active listing in Phoenix with the average days on market of 66. The average sold price to list price was 97.2% up by .3% from prior month.
Phoenix Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
For sellers, understand that inventory levels remained flat while sales volume increased by 28.3% from the prior month. For March, we had an average number of days on market of 66, down 4 days from the February. We currently have 1.56 months of inventory available for Sale which is an decrease of 22.2% from February. This shows a much stronger seller’s market as compared to last month’s 1.98 months of inventory. If priced correctly, sellers can expect to sell in less than the average 66 days on market we saw in March. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For March, we saw the list to contract price of 97.2% up by .3% from March. We also saw the median price increase to $239,900 a 1.4% increase from February.
What does this mean if you are a buyer?
For buyers, a inventory of 1.56 months (compared to 1.98 months in February) is not welcome news since this indicates we are moving to a much stronger sellers market. Sellers continue to have a significant advantage since there are less homes available. Anything under 3 months of inventory is considered a seller’s market. So those homes that are priced right may get multiple offers. The buyer has to remain diligent about their offers. If you are serious about an offer, have your agent provide you comparable properties to determine the best price for the house. Asking for seller concessions and making low ball offers is still not a good strategy in this type market. Remember, sellers also know the value of their home in this market. Their agents are keeping sellers updated on recent sales and homes similar to theirs as they come on the market.
Homes For Sale in Phoenix AZ
Below are Homes that have come on the Market in the last 7 Days around the Median price range. Also below the pictures, you will see a Chart of all the Phoenix homes for Sale by price and Type:
Below are all the Homes available in the city of Phoenix by Dollar amount and type:
Below you will see the links for the other cities in the East Valley:
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